After a long fought battle over ownership of S. Kidman and Co. Ltd, Australian billionaire Gina Rinehart and her Chinese business associate on Friday were given a green light by the Australian government to purchase the cattle farm.

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The farm, which is considered to be among the largest cattle estates globally, will now be co-owned by Australia's Outback Beef, which is owned by Gina Rinehart, and Shanghai CRED Real Estate Stock Co. Ltd. Outback Beef will own 67 percent of the comapny, while Shanghai CRED will have the remaining 33 percent.

Bloomberg reported that Scott Morrison, the Australian treasurer, assured that Australia would still remain a key shareholder in the Kidman ranch. He also added that two other farms, which were on sale, would still remain under Australian ownership.

"The agreement meant that the farm would remain majority owned by Australians," Morrison said. "Anna Creek and 'Peake' will be divided and shared by the farming family, the Williams."

Earlier efforts to purchase the cattle farm had been dismissed over fears of foreign companies purchasing Australian land.

Rinehart said that after reviewing what is expected by the Foreign Investment Review Board prior to the purchase of the land, buying it would not be going against the Australian interest.

The Daily Mail reported that Rinehart was willing to pay the price of AU$386.5 million (US$288 million) to purchase the farm, if at all the government were against the partnership with the Chinese business associates.

"The treasurer's approach to the sale of Kidman enabled a local Australian company to pay a market price and retain Kidman in Australian control," Rinehart said in a statement.

Greg Campbell, the managing director of Kidman Co., was overjoyed with the outcome of the ranch's sale.

"Rinehart is well known and her wish to assist the business to go forward is highly appreciated," Campbell noted.

TagsAustralia, china, S. Kidman Co. Ltd, Shanghai CRED Real Estate Stock Co. Ltd, Ouback Beef, Gina Rinehart